About Us & Belong

Our Story

Originally chartered in 1964, Waterfront Federal Credit Union is a not-for-profit, member-owned financial cooperative. We are a dedicated, unionized partner with a closed field of membership, allowing us to provide the unique and individualized service our members expect and cannot find anywhere else.

Waterfront Credit Union was created by Leon R. Smith after a 10 year undertaking. He started pursuing his vision in 1954 while working for Todd’s Shipyard and persevered despite resistance. Later, he began working for ILWU and finally gained the support he needed to start the Credit Union in 1964. The first Board of Directors were Ray Nelson, Art Mink and Jon Halgren. The original charter was open to members belonging to ILWU 9, 19, 52 and 98 along with the direct employees of the Pacific Maritime Association (PMA). The key to the early success of the Credit Union came from knowing the members, working with them day in and day out, while holding them accountable to their financial obligations.

Over time additional unions were added to the charter as similar financial needs were discovered in other unionized industries in the Puget Sound region. In 2008 the Credit Union was awarded the vacation funds from the Plumber & Pipefitter Local 32 and absorbed Northwest Navigational Credit Union.

As of 2019, the Credit Union has approximately 6,550 members and $69 million in assets.

Our Mission

To have a union staff promote the financial well-being of our union workers and their families, with personal service and understanding of the unique characteristics of our industries.

Membership / Our Unions

For over 50 years, Waterfront has welcomed a number of union organizations into our own (unionized) credit union family. Our union brothers and sisters, along with their families are the foundation on which we were established and are the reason for our successful existence today and into the future.

We pride ourselves on being an exclusive, not-for-profit financial cooperative for the following unions. And if you belong to one of these unions, then you can also belong to Waterfront.

There's a great motto in the credit union industry: Once A Member, Always A Member. This holds true at Waterfront. So no matter if your relationship with one of the above qualifying unions changes, you move, or you retire—we have the in-person, nationwide and virtual services to continue to serve you and your family for years to come. So if you've been looking for a financial relationship that is committed to your money and your union, you don't have to look any further. Contact us to discuss joining Waterfront today.

Benefits to Belonging

There are a number of benefits to belonging to Waterfront, so in no particular order we’ve listed them here:

Because of just these three very important points above, we can confidently say we understand the life of our members—everything from what their work schedules and stresses are like, to their needs, circumstances and the importance trust and loyalty play in their lives.

We look at every member’s individual situation and base decisions on what’s best for the member and the Credit Union. In other words, you’re not a number at Waterfront—you’re a person.

To start your Waterfront membership, all you need is a $5 minimum deposit into an initial membership share savings account. So contact us to discuss your membership and we’ll be happy to get you started today.

Annual Reports

As a not-for-profit, member-owned financial cooperative, the members of Waterfront Credit Union "own" the credit union. That is to say we can only function by those who conduct their actual banking with Waterfront because we use deposit funds to lend to others, and loan income to support deposits. It's a "scratch my back and I'll scratch yours" situation, and those who oversee the operations are volunteer, non-compensated, fellow unionized and credit union members as well.

Each year we hold an Annual Meeting where we invite members and those interested in joining Waterfront to come and listen to a formal presentation on the previous year's overall credit union performance. Below you'll find the most current and previous Annual Reports to review and see the growth we've had thanks to our loyal, cooperative-participating members.

If you have an outgoing personality, great communication skills, and a knack for problem solving, we would love to have you join our team! Passion and people skills are what we are looking for. Our membership base is closed and employment requires membership in Local 8 OPEIU. (Our members and staff are union-based).

Employment at Waterfront Credit Union offers a supportive working environment, as well as: